Search Results - subject_exact:"Währungskonkurrenz"

Monetary anchors in a digital age : a historical perspective on the ECB's digital euro and US stablecoins

Greitens, Jan - 2026

This paper contributes to current debates surrounding the digital euro and US stablecoins by unpacking the present day relevance of two important episodes in monetary history: Prussia's effort in the 18th century to implement a uniform coinage standard across the Holy Roman Empire, and the 19th...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626439

Hayekian hurdles : challenges to cryptocurrency as a viable basis for a new monetary order

Freitas, Luís Pedro; Cerdeira, Jorge; Lourenço, Diogo - 2025

The rise of cryptocurrencies over the past decade has promised to challenge the dominance of fiat money systems and reshape monetary policy. However, recent developments, including market volatility and the collapse of key exchanges like FTX, have eroded public trust, raising skepticism of a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015206916

A game-theoretic analysis of the coexistence and competition between hard and fiat money

Hausken, Kjell; Wang, Guizhou - 2025

This article presents a game-theoretic model analyzing the strategic competition between hard and fiat money, involving a representative player and a consolidated bank (including the central bank). The findings reveal counterintuitive interactions between inflation, interest rates, and monetary...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015338840

Central bank liquidity support, bank lending, and the end of currency competition

Grodecka-Messi, Anna; Zhang, Xin - 2025

Private money creation lies at the heart of currency competition due to seigniorage rents that are an important contributor to banks' franchise values. However, it undermines the role of central bank in money provision and has been historically a contentious issue. As shifting from private to...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015438050

Geopolitical tensions fuel currency competition but US dollar and euro remain hard to displace

Chowdhry, Sonali - 2025

Geopolitical frictions and high levels of uncertainty in US policy are driving countries to reduce dependence on the US dollar and implement new policies to promote their own currencies for settling cross-border trade. This Weekly Report analyzes the reactions of firms to such measures, focusing...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015460398

Big techs, credit, and digital money

Brunnermeier, Markus Konrad; Payne, Jonathan - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015611823

Free banking stablecoins

Petratos, Pythagoras; Baugus, Brian Dwight - 2025

Monetary policy and central banks faced significant challenges in recent decades, like the Great Recession and the 2008-2009 financial crisis, and the Global Inflation Surge of 2021-2022. The introduction of blockchain technology triggered major financial innovations. Nevertheless, the adoption...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015553078

The interimperial and Panamerican origins of the dollar system

Johnson, Nic - 2024

The Federal Reserve is commonly depicted as an institution set up by domestic actors to fulfill domestic functions that only later took on international and geopolitical dimensions. Yet we have long had an abundant literature on the financial projection of US power (“Dollar Diplomacy”) in...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015135435

Currency statecraft and de-dollarization : a review article

Romagnoli, Francesco - 2024

This article explores the dynamics of international currency competition and de-dollarization, focusing on the current dominance of the US dollar and potential challenges from the Chinese renminbi and BRICS countries. It reviews recent literature on currency statecraft, the political economy of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015097454

A case study in banknote pricing during financial chaos : the Illinois experience during the first summer of the civil war

Deacle, Scott; Economopoulos, Andrew James - 2024

This case study of the Illinois banking market shows how the private market managed the crisis in the banknote market during the first year of the Civil War. Banknotes backed by southern bonds started their decline with the election of Lincoln causing their values to fall below par. The Illinois...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015163723

Currency wars and trade

Mitchener, Kris; Wandschneider, Kirsten - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015333883

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Currency wars and trade

Mitchener, Kris; Wandschneider, Kirsten - 2024

Book / Working Paper

Parallel currencies under free floating exchange rates : a model setting out the conditions for stable currency competition

Castañeda, Juan E.; Damrich, Sebastian; Schwartz, Pedro - 2024

We use a theoretical model to set up the conditions for a country to attain monetary stability by allowing for two freely tradable currencies to circulate in parallel. For this parallel system to function properly, confidence in the good behavior of the monetary authorities in charge of the two...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015197663

Zombie international currency : the pound sterling 1945-1971

Avaro, Maylis - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015453171

Cryptocurrency competition : empirical testing of Hayek's vision of private monies

Mayer, Fabian; Bofnger, Peter - 2024

This study investigated the extent of currency competition within the cryptocurrency market through the Hayek's concept of the denationalization of money, Hayek's original analysis primarily centered on competition revolving around the medium of the exchange function, This study posited that...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014540278

Futures of money : monies of the future

2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014577491

A literature review on the design and implementation of central bank digital currencies

Genc, Huseyin Oguz; Takagi, Sōichirō - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014479303

Hayekian currency competition prior to and after cryptocurrencies : a critical review

Napari, Ayuba - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015654423

International Currency Dominance

Abadi, Joseph; Fernández-Villaverde, Jesús; Sanches, … - 2026

We present a micro-founded monetary model of the world economy to study international currency competition. Our model features "unipolar'' equilibria, with a single dominant international currency, and "multipolar'' equilibria, in which multiple currencies circulate internationally. Long-run...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015611122

What Drives Money Competition : Comparative Advantage in Payments versus Reserves

Goldstein, Itay; Yang, Ming; Zeng, Yao - 2026

We study competition between monies that provide separate payment and non-payment (e.g., store-of-value) functions. Our central insight is that payment adoption is governed not by absolute payment superiority, but by comparative advantage between payment and non-payment roles. A money that is...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015611169

Cryptocurrency : the new generation gold standard

Hasan, Shaista; Safir, M.; Ahmad, Sameer - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015615632

Cryptocurrency competition : an empirical test of Hayek's vision of private monies

Mayer, Fabian; Bofinger, Peter - 2023

We investigate monopolistic tendencies and the intensity of currency competition on the crypto market in the light of Hayek’s "Denationalization of money". Interestingly, Hayek never considered differentiation and specialization by innovative private currencies could lead lasting currency...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013499180

Clearing the Way to Renminbi Domination : CIPS, Antitrust, and Currency Competition

Chang, Felix - 2023

China watchers have decried the emergence of the Cross-Border Interbank Payment System (“CIPS”) as a turning point in the move to dethrone the U.S. dollar. This Article situates CIPS, which clears and settles Chinese renminbi transactions, with other financial market infrastructures, drawing...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014259332

Sovereign Digital Currencies : The Future of Money and Payments?

Zetzsche, Dirk A.; Buckley, Ross P.; Arner, Douglas W.; … - 2023

Technology is reshaping money and payment systems in unprecedented ways. Catalysts include the launch of Bitcoin in 2009, the evolution of both decentralised and centralised technologies, the announcement of Libra in 2019, live trials of China’s Digital Yuan, and COVID-19, both in 2020.This...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014350017

Competition in the Cryptocurrency Exchange Market

Hu, Junyi; Zhang, Anthony Lee - 2023

How do cryptocurrency exchanges compete with each other? We show that small and large crypto exchanges appear to be complements, rather than substitutes, as traditional oligopoly theory would predict. When large exchanges list new tokens, trade volumes on small exchanges increase, and small...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014350192

Monetary Sovereignty in the Digital Era

Martino, Edoardo - 2023

The relationship between private and public money has shaped the economic and legal debate over money for centuries. Private money can either compete with or complement public money and this depends on the applicable law and the relative powers of the State and private parties. The rise of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014354892

Cryptocurrency – the Future of Currency?

Beerbaum, Dirk Otto - 2023

This article explores cryptocurrencies and poses the research question, whether cryptocurrencies are the future of the currency market. The cryptocurrency market has undergone considerable growth, however given recent scandals of cryptocurrency markets and cryptocurrencies have led to increasing...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014355672

Global and local drivers of Bitcoin trading vis-à-vis fiat currencies

Di Casola, Paola; Habib, Maurizio Michael; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015574127

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Global and local drivers of Bitcoin trading vis-à-vis fiat currencies

Di Casola, Paola; Habib, Maurizio Michael; … - 2023

Book / Working Paper

Contagious stablecoins?

Buggenum, Hugo van; Gersbach, Hans; Zelzner, Sebastian - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014373581

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Contagious stablecoins?

Buggenum, Hugo van; Gersbach, Hans; Zelzner, Sebastian - 2023 - This Version: January 31, 2024

Edition: This Version: January 31, 2024

Book / Working Paper

Is a secondary currency essential? : on the welfare effects of a new currency

Fuchs, Max; Michaelis, Jochen - 2023

The coexistence of fiat money (cash) and digital monies constitutes a system of parallel currencies as media of exchange. This paper asks whether a new (digital) currency is essential: Does a new currency allow for a better resource allocation even if a fully accepted currency is in circulation...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014514105

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Is a secondary currency essential? : on the welfare effects of a new currency

Fuchs, Max; Michaelis, Jochen - 2022

Book / Working Paper

The experience of free banking

2023 - Second edition

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014450865

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The Experience of Free Banking

2023

Book / Working Paper

Adam Smith and the bankers : retrospect and prospect

Duncan, Alfred; Nolan, Charles - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014316030

The stability of Islamic cryptocurrencies and copula-based dependence with alternative crypto and fiat currencies

Nugroho, Bayu Adi - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015188980

Losing grip? : the quantity theory of money under currency competition

Arifovic, Jasmina; Salle, Isabelle; Schilling, Linda - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015467007

Safe asset scarcity and multipolar international currency

Wang, Chenxi; Lu, Dong; E., Meihe; Mu, Yuhao; Peng, Yueqian - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015472902

Central monetary services without centralization : Stephen Colwell and the political economy of nineteenth-century US monetary architecture

Ron, Ariel; Valeonti, Sofia - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015612181

The Swiss franc, from 1798 to 2055

Vayenas, Costa - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015561584

Penser la monnaie au service du panafricanisme : sortir des monnaies uniques

Diagne, Cheikh Oumar - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015519687

Digitization and the evolution of money as a social technology of account

Peneder, Michael - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013168080

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Digitization and the evolution of money as a social technology of account

Peneder, Michael - 2021

Book / Working Paper

Regulated free banking in Switzerland (1881-1907)

Herger, Nils - 2021

The free-banking history of Switzerland is subdivided into periods with unfettered competition (1826-1881), and strict banknote regulation (1881-1907). This paper suggests that the Federal Banknote Act of 1881 was introduced to remedy the fragmentation of the unfettered-competition period,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012793480

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Regulated Free Banking in Switzerland (1881–1907)

Herger, Nils - 2022

Book / Working Paper

Central bank digital currency competition and the impossible trinity

Karau, Sören - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014472677

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Central Bank Digital Currency Competition and the Impossible Trinity

Karau, Sören - 2022

Book / Working Paper

A Smithian reading of Chilean free banking

Paganelli, Maria Pia - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014390312

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A Smithian Reading of Chilean Free Banking

Paganelli, Maria Pia - 2022

Book / Working Paper

Digital currencies

2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013532208

Competition between variable-supply and fixed-supply currencies

Wang, Guizhou; Hausken, Kjell - 2022

For one variable-supply currency in isolation, one player's Cobb-Douglas utility depends on the current supply divided by the initial supply, multiplied by the inverse of the accumulative inflation/deflation. With equal weight assigned to both factors, money printing outweighs inflation, and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013499537

The ethics of alternative currencies

Larue, Louis; Meyer, Camille; Hudon, Marek; Sandberg, Joakim - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013187263

Free Banking, the Real-Balance Effect, and Walras' Law

Van Den Hauwe, Ludwig - 2022

The author of this article draws special attention to two particular claims of the free bankers concerning the supposed working characteristics of a fractional-reserve free banking system which may strike the reader as questionable. The first of these relates to the alleged absence of a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014214342

Pictures of a Revolution: Analyzing the Transition from Global Bimetallism to the Gold Standard in the 1860s and 1870s

Wiegand, Johannes - 2022

In the early 1870s, the global monetary system transitioned from bimetallism-a regime in which gold and silver currencies were tied at quasi-fixed exhange ratios-to the gold standard that was characterized by the use of (only) gold as the main currency metal by the largest and most advanced...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015060354

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Pictures of a Revolution : Analyzing the Transition from Global Bimetallism to the Gold Standard in the 1860s and 1870s

Wiegand, Johannes - 2022

Book / Working Paper

Credit Expansion, the Prisoner's Dilemma, and Free Banking as Mechanism Design

Van Den Hauwe, Ludwig - 2022

Despite the distinctive character of the Austrian approach to "microfoundations for macroeconomics", the literature on free banking contains a number of arguments which make use of game-theoretic concepts and models such as the well-known Prisoner's Dilemma model. While there can be no general a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014047539

Digital currency competition in global trade : departure to a new era or persistence of market structures?

Bielig, Andreas - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015069786

The future wealth of nations

Brunnhuber, Stefan - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015075610

Theorizing dollar hegemony : the political economic foundations of exorbitant privilege

Palley, Thomas - 2024

This paper explores dollar hegemony, emphasizing that it is a fundamentally political economic phenomenon. Dollar hegemony rests on the economic, military, and international political power of the US and is manifested through market forces. The paper argues that there have been two eras of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014485397